Silver
Price Chart
At a Glance
Silver serves a dual role as both a precious metal and an industrial commodity. Roughly 55% of demand comes from industrial applications — primarily electronics, solar panels, and medical devices — while the remainder is driven by investment and jewellery. Silver tends to be more volatile than gold, amplifying moves in both directions. The gold/silver ratio is a key metric for relative value; historically it averages around 65x but has ranged from 30x to over 100x.
Supply & Demand
Supply
Demand
Key Drivers
Solar Panel Demand
bullishSilver is essential in photovoltaic cells. Global solar installations are growing 25%+ annually, driving structural demand growth.
Gold Price Correlation
bullishSilver typically follows gold but with higher beta. Strong gold trends amplify silver moves 1.5-2x.
Industrial Cycle
neutral~55% of silver demand is industrial — economic slowdowns reduce industrial usage, offsetting safe-haven demand.
Supply Deficit
bullishThe silver market has been in structural deficit since 2021, with demand exceeding mine supply + recycling.
Investment Demand
bullishPhysical bar and coin demand surged in recent years. Retail investors increasingly view silver as an accessible precious metal.
Mine Supply Constraints
bullishSilver is largely a byproduct of lead, zinc, and copper mining — dedicated silver mines are limited.
Historical Returns
| Year | Annual Return | Performance |
|---|---|---|
| 2025 | +21.40% | |
| 2024 | +22.00% | |
| 2023 | +0.20% | |
| 2022 | +3.20% | |
| 2021 | -11.70% | |
| 2020 | +47.40% | |
| 2019 | +15.30% | |
| 2018 | -8.60% | |
| 2017 | +6.40% | |
| 2016 | +15.20% |